ADT Reports First Quarter 2013 Results

The ADT Corporation (NYSE: ADT):

• Recurring revenue of $744 million, up 5.1%
• Net income of $105 million, up 12.9%
• EBITDA before special items of $417 million, up 6.1%
• GAAP diluted earnings per share of $0.44 and earnings per share before special items of $0.44
• ADT Pulse overall take rate at 18.6% in the quarter, up from 7.2% last year

($ in millions, except per-share amounts)
		Q1 2013		Q1 2012		Change
Recurring revenue		$744		$708		5.1%
Other revenue		$65		$87		-25.3%
Total revenue		$809		$795		1.8%
Net income		$105		$93		12.9%
EBITDA before special items 1		$417		$393		6.1%
EBITDA margin before special items 1		51.5%		49.4%		210 bps
Diluted earnings per share		$0.44		$0.39		12.8%
Diluted earnings per share before special items 1		$0.44		$0.41		7.3%
1 Reconciliations from GAAP to non-GAAP financial measures can be found in the attached tables, as well as on the Investor Relations section of our web site, www.ADT.com .

The ADT Corporation (NYSE: ADT) today reported diluted earnings per share of $0.44 for the first quarter of 2013, and diluted earnings per share before special items of $0.44. Using the company’s cash tax rate, EPS before special items was $0.70 ¹.

Naren Gursahaney, ADT’s Chief Executive Officer, said, “We are pleased to start the new fiscal year with a very solid quarter characterized by continued strong growth in recurring revenue and EBITDA margin, along with stabilization in attrition rates. During the quarter we also began to execute on our previously announced share repurchase program, further supported by the implementation of an accelerated share repurchase initiative, announced today.” Gursahaney added, “Looking ahead to the balance of the year we will continue to focus on our ultimate objective of creating long-term value for our shareholders by reinvesting in our business to drive profitable growth, and returning excess cash to our shareholders.”

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